Gold and Silver Report: EGO Stock Sinks as Gold Prices Fade

by Christopher Freeburn | May 13, 2014 4:35 pm

Gold slipped slightly in Tuesday trading as investors weighed the situation in Ukraine. Separatists in some regions of eastern Ukraine voted to break away to join Russia over the weekend, but Russian President Vladimir Putin hasn’t responded to the vote.

On a mostly losing day for gold miners, Eldorado Gold (EGO[1]) fell harder than rivals. EGO stock closed down about 3%.

Gold futures for June delivery faded 0.1% to $1,294.80 per ounce on Tuesday, according to CME Group[2]. Gold prices were as high as $1,299 and as low as $1,289.10. Bullion closed in London at $1,295, according to BullionVault[3].

Silver futures for July delivery edged up fractionally to $19.55 per ounce. Tuesday’s high for silver was $19.62, while the low was $19.37.

Here’s how metal-based funds and mining stocks fared on Tuesday:

Gold and Silver Funds

The SPDR Gold Shares (GLD[4]) fell 0.3%.

The iShares Gold Trust (IAU[5]) slid 0.2%.

The iShares Silver Trust (SLV[6]) dipped 0.1%.

Gold and Silver Mining ETFs

The Market Vectors Gold Miners ETF (GDX[7]) sank 0.7%.

The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dropped 0.8%.

The Global X Silver Miners ETF (SIL[9]) declined 0.6%.

Gold Miners

Agnico Eagle Mines (AEM[10]) fell 1.7%.

Barrick Gold Corporation (ABX[11])slid 0.6%.

EGO stockdropped 3%.

Goldcorp (GG[12]) declined 1.3%.

Kinross Gold (KGC[13]) also sank 1.3%.

Newmont Mining (NEM[14]) gained 0.7%.

NovaGold (NG[15]) stock jumped dipped 0.2%.

Yamana Gold (AUY[16]) retreated 1.6%.

Silver Miners

Coeur d’Alene Mines (CDE[17]) was flat.

Hecla Mining (HL[18]) slipped 0.6%.

Pan American Silver (PAAS[19]) climbed 1.8%.

Silver Wheaton (SLW[20]) fell back 0.9%.

Silver Standard Resources (SSRI[21])improved 0.5%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[22] contributed to this report.